Remittances to India from expats in Gulf countries on rise

Dubai, July 1 (UNI) Remittances to India from expatriates in the Gulf countries have shown considerable increase in the past few weeks, primarily due to the holiday season and the fall in rupee exchange rates against the dollar, exchange houses have said.

The volume of remittances to India has gone up considerably because of the holiday season, an exchange official said, but was unable to give an exact figure of the remittances being made.

He, however, said that traditionally, exchange houses have seen a surge in remittances between June-August, as Indian expats remit money to their Indian bank accounts in time for their visit home.

The depreciation of the Indian rupee against the dollar in the last few days would have definitely helped boost remittances he said, adding that the Indian currency is now at the weakest level against the dollar in the last one-and-a-half years.

Exchange houses have also reported an increase in ''speed remittance'' because it is quick, economical, simple, safe and secure.

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